ANNUAL REPORT
September 30, 2022

Biotech ETF	BBH
Digital Assets Mining ETF	DAM
Digital Transformation ETF	DAPP
Energy Income ETF	EINC
Environmental Services ETF	EVX
Gaming ETF	BJK
Pharmaceutical ETF	PPH
Retail ETF	RTH
Semiconductor ETF	SMH
Video Gaming and eSports ETF	ESPO


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
Biotech ETF	7
Digital Assets Mining ETF	8
Digital Transformation ETF	9
Energy Income ETF	10
Environmental Services ETF	11
Gaming ETF	12
Pharmaceutical ETF	13
Retail ETF	14
Semiconductor ETF	15
Video Gaming and eSports ETF	16
About Fund Performance	17
Explanation of Expenses	18
Schedule of Investments
Biotech ETF	20
Digital Assets Mining ETF	21
Digital Transformation ETF	23
Energy Income ETF	25
Environmental Services ETF	26
Gaming ETF	27
Pharmaceutical ETF	29
Retail ETF	30
Semiconductor ETF	31
Video Gaming and eSports ETF	32
Statements of Assets and Liabilities	34
Statements of Operations	37
Statements of Changes in Net Assets	40
Financial Highlights
Biotech ETF	45
Digital Assets Mining ETF	46
Digital Transformation ETF	47
Energy Income ETF	48
Environmental Services ETF	49
Gaming ETF	50
Pharmaceutical ETF	51
Retail ETF	52
Semiconductor ETF	53
Video Gaming and eSports ETF	54
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	65
Tax Information	67
Board of Trustees and Officers	68
Approval of Investment Management Agreements	71

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2022.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon.

1.	Monetary Policy: Tightening

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0%.

Another component to monetary policy is the Fed balance sheet, which is one of the unknowns. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet and selling bonds into the market—one estimate indicates $279B net through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

Last year when my colleagues and I spoke about inflation,²I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds.

2.	Fiscal Tightening: Wage Inflation Is the Real Battle

Nominal wages are increasing, but because of inflation, take-home pay has been negative over the past year. This may result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

3.	Global Growth Has Almost Stopped

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we may look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended September 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck

CEO and President

VanEck ETF Trust

October 10, 2022

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2022 (unaudited)

Biotech

Biotech stocks had a disappointing 12 months, with the VanEck Biotech ETF losing 30.24%. Having hit a high in early-November 2021, stocks declined through most of the rest of the period to finish at a new low on September 30, 2022. As a speculative sector, the “risk off” environment and general selloff in general, hit biotech stocks hard.

In addition, while, by end-September 2021, the FDA had approved 40 “novel drugs”,¹over the next three months a further 10 were added and the total tally for the year was 50.²By end-September 2022, down on the previous year at the same time, only some 26 novel drugs had already been approved.³

The three top positive contributions to the Fund’s performance came from: Vertex Pharmaceuticals, Inc. (9.2% of Fund net assets^†), Regeneron Pharmaceuticals, Inc. (7.8% of Fund net assets^†) and Amgen, Inc. (14.5% of Fund net assets^†). The companies that detracted most from performance were: Moderna, Inc. (5.5% of Fund net assets^†), Illumina, Inc. (4.4% of Fund net assets^†) and Novavax (sold by Fund by period end).

Digital Assets Mining

Over the period from inception (March 7, 2022) to September 30, 2022, the VanEck Digital Assets Mining ETF lost 63.15%. The poor performance of digital assets mining stocks can be ascribed to pervasive negative sentiment in the underlying digital asset space, with lower prices for the most-mined digital asset (Bitcoin). In addition, rising interest rates squeezed not only tech companies, but also the broader growth segment in particular. The dual headwinds of rising cost of capital and falling price of digital assets led to a challenging year for these companies.

The three companies that contributed most to the Fund’s performance were: Applied Blockchain, Inc. (3.9% of Fund net assets^†), Bakkt Holdings, Inc. (1.2% of Fund net assets^†) and BIGG Digital Assets (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.7% of Fund net assets^†), Mawson Infrastructure Group, Inc. (2.9% of Fund net assets^†) and Hut 8 Mining Corp. (5.3% of Fund net assets^†).

Digital Transformation

The VanEck Digital Transformation ETF, which traded for the full 12 month period to September 30, 2022, lost 76.33%. As with digital mining stocks, the poor performance of more broadly-based digital transformation stocks can also be ascribed to pervasive negative sentiment in the underlying digital asset space. Rising interest rates also squeezed stocks, not least by raising the cost of capital and reducing the value of future earnings: a challenge for companies that might be both “early stage” and still unprofitable.

The three companies that detracted least from the Fund’s performance were: DMG Blockchain Solutions (sold during the period), EQONEX (sold during the period) and GreenBox (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.1% of Fund net assets^†), Voyager Digital (sold during the period) and Block, Inc. (7.3% of Fund net assets^†).

Energy Income

Robust energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Despite volatility during the period, both crude oil and natural gas prices remained firm, as did demand. For example, having started the 12 month period at $75.88 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period just 4.76% higher at $79.49 a barrel.

For the 12 months ended September 30, 2022, VanEck Energy Income ETF gained 8.79% on a total return basis. The three greatest contributors to performance were all involved, in particular, in the natural gas market: Cheniere Energy, Inc. (8.2% of Fund net assets^†), Targa Resources Corp. (4.4% of Fund net assets^†) and The Williams Companies, Inc. (5.7% of Fund net assets^†). Equitrans Midstream Corp. (2.6% of Fund net

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

assets^†), Keyera Corp. (4.3% of Fund net assets^†), TC Energy Corp. (7.4% of Fund net assets^†) detracted the most from overall performance.

Environmental Services

The VanEck Environmental Services ETF had a roller coaster of a year, ending the 12 month period under review with a loss of 8.56%. Having hit a high at in mid-November 2021, environmental stocks then plunged to a low at the end of January 2022, only to rise through the end of April before falling, once again, to a period low in mid-June 2022. Following a peak in mid-August, they took a downward trajectory through the end of September.

Growth in 2021, and through the first three quarters of 2022, was driven, amongst other factors, by: corporations’ increasing commitment to ESG and sustainability, consolidation and M&A activity, sustained interest in both reuse and recycling and last, but not least, by the changing regulatory backdrop. However, the industry also faced headwinds as a result of both supply chain bottlenecks and persistent labor shortages.

The three top positive contributions to the Fund’s performance came from: Vertex Energy, Inc. (2.1% of Fund net assets^†), US Ecology (acquired during the period) and Republic Services, Inc. (10.3% of Fund net assets^†). The three companies that detracted most from performance were: Ecolab (10.0% of Fund net assets^†), Loop Industries (sold by Fund by period end) and Montrose Environmental Group, Inc. (2.9% of Fund net assets^†).

Gaming

The VanEck Gaming ETF posted a loss of 31.72% for the 12 month period. Having hit highs towards the end of October 2021, faced by continuing fears of recession and more persistent inflation, gaming stocks declined pretty consistently through the end of September 2022.

In Macau, China, the world’s biggest gaming hub, while the gross revenue from “Games of Fortune” (as the Macau authorities describe them) in November 2021 through to the end of the year rose incrementally,⁴except in February 2022, year-on-year monthly revenues were down significantly for 2022 through end-September.⁵In contrast, in Nevada, except in July 2022, during the 11 month period through the end of August 2022, each month’s “gaming win”⁶ was up year-on-year—albeit by less each month as the period progressed.⁷

The three top positive contributions to the Fund’s performance came from: VICI Properties, Inc. (7.6% of Fund net assets^†), Galaxy Entertainment Group Ltd. (6.5% of Fund net assets^†) and Sands China Ltd. (4.2% of Fund net assets^†). The three companies that detracted most from performance were: Caesars Entertainment, Inc. (3.0% of Fund net assets^†), Evolution AB (6.1% of Fund net assets^†) and DraftKings, Inc. (4.2% of Fund net assets^†).

Pharmaceutical

Despite a 12 month period characterized by a number of distinct peaks and troughs to their returns, pharmaceutical shares had lost a total of 5.91% by September 30, 2022. While not hit as badly as biotech stocks, pharma stock were also affected by rising interest rates, persistent inflation and recessionary fears. In addition, companies saw reduced revenue numbers due both to lower realized prices and unfavorable foreign exchange rates.

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (4.4% of Fund net assets^†), Eli Lilly & Co. (5.9% of Fund net assets^†) and AbbVie, Inc. (5.5% of Fund net assets^†). The three companies that detracted most from performance were: Bausch Health Cos, Inc. (0.7% of Fund net assets^†), Catalent, Inc. (2.9% of Fund net assets^†) and Elanco Animal Health, Inc. (1.1% of Fund net assets^†).

Retail

Despite a healthy start to the 12 month period, rising inflation, higher interest rates (which reduce the value of future earnings) and the fears of recession hit retail stocks and towards the end of May, they hit a low. Thereafter, they recovered slightly, but the VanEck Retail ETF had still lost 10.69% by September 30.

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (3.8% of Fund net assets^†), AutoZone, Inc. (2.9% of Fund net assets^†) and CVS Health Corp. (4.7% of Fund net assets^†). The three companies that detracted most from performance were: Amazon.com, Inc. (19.2% of Fund net assets^†), Target Corp. (4.3% of Fund net assets^†) and JD.com, Inc. (4.2% of Fund net assets^†).

Semiconductor

After hitting highs towards the end of 2021, semiconductor stocks declined through the end-June 2022. Thereafter they staged a brief recovery to peak, once again, in mid-August before declining through the end of the 12 month period. By September 30, 2022, the VanEck Semiconductor ETF had lost 27.40%.

In addition to weakening demand, the semiconductor market has also been hit by the continuing trade restrictions between the U.S. and China. The withdrawal of stimulus not only by the Fed, but also by other central banks has been a further headwind for the semiconductor market.

The three top positive contributions to the Fund’s performance came from: Xilinx (acquired during the period), ON Semiconductor Corp. (2.5% of Fund net assets^†) and Cadence Design Systems, Inc. (4.0% of Fund net assets^†). The three companies that detracted most from performance were: Taiwan Semiconductor Manufacturing Co. Ltd. (11.2% of Fund net assets^†), NVIDIA Corp. (8.4% of Fund net assets^†) and Intel Corp. (4.7% of Fund net assets^†).

Video Games and eSports

Video gaming and esports stocks had a disappointing 12 months, with the VanEck Video Gaming and eSports ETF down 35.42%. In addition to a less then encouraging macro-economic environment, the specifically semiconductor-related Fund companies faced a difficult period of declining demand following one of chip shortages. The market’s aversion to tech stocks did not help either.

The three top positive contributions to the Fund’s performance came from: Zynga (acquired during the period), Capcom Co. Ltd. (3.0% of Fund net assets^†) and Nexon Co. Ltd. (4.5% of Fund net assets^†). The three companies that detracted most from performance were: Sea Ltd. (4.8% of Fund net assets^†), Unity Software, Inc. (4.1% of Fund net assets^†) and NVIDIA Corp. (7.9% of Fund net assets^†).

† All Fund assets referenced are Total Net Assets as of September 30, 2022.

¹Food & Drug Administration: New Drug Therapy Approvals 2021, May 13, 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2021 (Accessed October 7, 2022)

²Ibid.

³Food & Drug Administration: New Drug Therapy Approvals 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2022 (Accessed October 7, 2022

⁴ Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2021/index.html

⁵ Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2022/index.html

⁶ Or “gross revenue,” defined (in short) as: the total of all:

(a) Cash received as winnings;

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

(b) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and

(c) Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act, https://www.leg.state.nv.us/NRS/NRS-463.html#NRS463Sec0161

⁷ Nevada Gaming Control Board: Abbreviated Revenue Release, http://gaming.nv.gov/index.aspx?page=172

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBBHTR¹	SPTR²
One Year	(30.21)%	(30.24)%	(30.18)%	(15.47)%
Five Year	1.37%	1.34%	1.50%	9.24%
Ten Year	10.35%	10.34%	10.52%	11.70%

	¹	MVIS® US Listed Biotech 25 Index (MVBBHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the biotech industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

See “About Fund Performance” on page 17 for more information.

VANECK DIGITAL ASSETS MINING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAMTR¹	SPTR²
Life*	(63.07)%	(63.15)%	(63.01)%	(13.85)%

	*	Inception of Fund: 3/7/22; First Day of Secondary Market Trading: 3/8/22.

	¹	MVIS® Global Digital Assets Mining Index (MVDAMTR) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the digital asset mining segment.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 17 for more information.

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAPPTR¹	SPTR²
One Year	(76.39)%	(76.33)%	(77.13)%	(15.47)%
Life*	(72.17)%	(72.14)%	(72.73)%	(7.78)%

	*	Inception of Fund: 4/12/21; First Day of Secondary Market Trading: 4/13/21.

	¹	MVIS® Global Digital Assets Equity Index (MVDAPPTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 17 for more information.

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVEINCTG¹	SPTR²
One Year	8.73%	8.79%	9.60%	(15.47)%
Five Year	2.35%	2.30%	2.04%	9.24%
Ten Year	(7.18)%	(7.13)%	(7.10)%	11.70%

	¹	MVIS® North America Energy Infrastructure Index (MVEINCTG) is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means to track the overall performance of North American companies involved in the midstream energy segment, which includes MLPs and corporations involved in oil and gas storage and transportation.

		Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index (the “MLP Index” or “YMLPTR”), a rules-based index designed to provide investors a means of tracking the performance of selected MLPs which are publicly traded on a U.S. securities exchange. All Index history reflects a blend of the performance of the aforementioned Indexes.

		VanEck Energy Income ETF (the “Fund”) is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	AXENVTR¹	SPTR²
One Year	(8.61)%	(8.56)%	(8.18)%	(15.47)%
Five Year	9.10%	9.21%	9.64%	9.24%
Ten Year	11.14%	11.08%	11.57%	11.70%

	¹	NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-listed companies involved in environmental services.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBJKTR¹	SPTR²
One Year	(32.36)%	(31.72)%	(31.35)%	(15.47)%
Five Year	(3.37)%	(3.25)%	(2.75)%	9.24%
Ten Year	2.26%	2.23%	2.64%	11.70%

	¹	MVIS® Global Gaming Index (MVBJKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the casino and gaming industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVPPHTR¹	SPTR²
One Year	(6.10)%	(5.91)%	(6.07)%	(15.47)%
Five Year	4.92%	4.92%	4.73%	9.24%
Ten Year	7.36%	7.35%	7.25%	11.70%

	¹	MVIS® US Listed Pharmaceutical 25 Index (MVPPHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the pharmaceutical industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRTHTR¹	SPTR²
One Year	(10.60)%	(10.69)%	(10.67)%	(15.47)%
Five Year	14.86%	14.84%	14.78%	9.24%
Ten Year	14.60%	14.58%	14.45%	11.70%

	¹	MVIS® US Listed Retail 25 Index (MVRTHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the retail industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMHTR¹	SPTR²
One Year	(27.40)%	(27.40)%	(27.28)%	(15.47)%
Five Year	16.06%	16.05%	16.09%	9.24%
Ten Year	20.96%	20.96%	20.94%	11.70%

	¹	MVIS® US Listed Semiconductor 25 Index (MVSMHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the semiconductor industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVESPOTR¹	SPTR²
One Year	(35.47)%	(35.42)%	(34.71)%	(15.47)%
Life*	8.15%	8.19%	9.18%	8.22%

	*	Inception of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.

	¹	MVIS® Global Video Gaming and eSports Index (MVESPOTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in video gaming and eSports.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Biotech Index, Digital Assets Mining, Digital Transformation Index, Energy Income, Gaming Index, Pharmaceutical Index, Retail Index, Semiconductor Index and Video Gaming and eSports Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Environmental Services Index is published by ICE Data Indices, LLC (ICE Data).

MarketVector, ICE Data, and Solactive are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2022 to September 30, 2022.

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Biotech ETF
Actual	$1,000.00	$866.40	0.35%	$1.64
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Digital Assets Mining ETF
Actual	$1,000.00	$296.30	0.50%	$1.62
Hypothetical (b)	$1,000.00	$1,022.56	0.50%	$2.54
Digital Transformation ETF
Actual	$1,000.00	$328.80	0.50%	$1.67
Hypothetical (b)	$1,000.00	$1,022.56	0.50%	$2.54
Energy Income ETF
Actual	$1,000.00	$896.40	0.49%	$2.33
Hypothetical (b)	$1,000.00	$1,022.61	0.49%	$2.48
Environmental Services ETF
Actual	$1,000.00	$862.10	0.55%	$2.57
Hypothetical (b)	$1,000.00	$1,022.31	0.55%	$2.79
Gaming ETF
Actual	$1,000.00	$818.40	0.69%	$3.15
Hypothetical (b)	$1,000.00	$1,021.61	0.69%	$3.50
Pharmaceutical ETF
Actual	$1,000.00	$850.90	0.36%	$1.67
Hypothetical (b)	$1,000.00	$1,023.26	0.36%	$1.83

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Retail ETF
Actual	$1,000.00	$857.80	0.35%	$1.63
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Semiconductor ETF
Actual	$1,000.00	$687.00	0.35%	$1.48
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Video Gaming and eSports ETF
Actual	$1,000.00	$698.10	0.60%	$2.55
Hypothetical (b)	$1,000.00	$1,022.06	0.60%	$3.04

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number
	of Shares		Value
COMMON STOCKS: 99.9%
China: 1.8%
BeiGene Ltd. (ADR) *		55,218	$	7,444,491

Germany: 3.7%
BioNTech SE (ADR)		115,487		15,576,886

Ireland: 3.4%
ICON Plc (USD) *		76,597		14,076,997

Switzerland: 1.2%
CRISPR Therapeutics AG (USD) * †		78,052		5,100,698

United States: 89.8%
Alnylam Pharmaceuticals, Inc. *		68,834		13,777,813
Amgen, Inc.		266,686		60,111,024
Argenx SE (ADR) *		49,717		17,552,587
Biogen, Inc. *		97,451		26,019,417
BioMarin Pharmaceutical, Inc. *		138,050		11,702,498
Bio-Techne Corp.		37,319		10,598,596
Charles River Laboratories International, Inc. *		45,306		8,916,221
Exact Sciences Corp. *		127,394		4,139,031
Gilead Sciences, Inc.		600,191		37,025,783
Guardant Health, Inc. *		71,095		3,827,044
Illumina, Inc. *		95,044		18,133,445
Incyte Corp. *		157,415		10,490,136

	Number
	of Shares		Value
United States (continued)
Intellia Therapeutics, Inc. *		62,142	$	3,477,466
IQVIA Holdings, Inc. *		100,996		18,294,415
Moderna, Inc. *		192,464		22,758,868
Natera, Inc. *		94,645		4,147,344
QIAGEN NV *		213,927		8,830,907
Regeneron Pharmaceuticals, Inc. *		47,110		32,452,666
Repligen Corp. *		44,011		8,234,898
Seagen, Inc. *		99,020		13,548,907
Vertex Pharmaceuticals, Inc. *		131,220		37,993,439
				372,032,505
Total Common Stocks (Cost: $463,141,907)				414,231,577

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $1,932,533)
State Street Navigator Securities Lending Government Money Market Portfolio		1,932,533		1,932,533
Total Investments: 100.4% (Cost: $465,074,440)				416,164,110
Liabilities in excess of other assets: (0.4)%				(1,859,702	)
NET ASSETS: 100.0%			$	414,304,408

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,845,637.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		78.0	%	$	323,319,055
Health Care Services		0.9			3,827,044
Life Sciences Tools & Services		21.1			87,085,478
		100.0	%	$	414,231,577

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	414,231,577	$	—	$	—	$	414,231,577
Money Market Fund		1,932,533		—		—		1,932,533
Total Investments	$	416,164,110	$	—	$	—	$	416,164,110

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 7.7%
Iris Energy Ltd. (USD) *		14,417	$	59,542
Mawson Infrastructure Group, Inc. (USD) *		81,844		35,316
				94,858
Bermuda: 4.8%
Hive Blockchain Technologies Ltd. (USD) *		15,572		58,551
Canada: 9.7%
Bitfarms Ltd. (USD) *		52,065		54,668
Hut 8 Mining Corp. (USD) *		36,571		65,097
				119,765
China: 10.9%
BC Technology Group Ltd. (HKD) *		38,000		12,294
Canaan, Inc. (ADR) *		21,877		71,757
Ebang International Holdings, Inc. (USD) *		123,120		50,504
				134,555
Germany: 3.7%
Northern Data AG *		3,775		45,822
Hong Kong: 1.4%
Huobi Technology Holdings Ltd. *		36,500		17,358

	Number of Shares		Value
United Kingdom: 4.9%
Argo Blockchain Plc (ADR) *		15,577	$	60,283

United States: 56.9%
Applied Blockchain, Inc. *		28,620		48,654
Bakkt Holdings, Inc. *		6,360		14,501
Bit Digital, Inc. *		40,956		49,147
Block, Inc. *		917		50,426
Cipher Mining, Inc. *		41,616		52,436
Cleanspark, Inc. *		14,663		46,628
Coinbase Global, Inc. *		911		58,750
Core Scientific, Inc. *		9,878		12,842
Galaxy Digital Holdings Ltd. (CAD) *		3,724		15,882
Greenidge Generation Holdings, Inc. *		25,826		51,652
Marathon Digital Holdings, Inc. *		7,967		85,327
Riot Blockchain, Inc. *		13,431		94,151
Silvergate Capital Corp. *		709		53,423
Terawulf, Inc. *		53,438		67,332
				701,151
Total Common Stocks (Cost: $2,553,980)				1,232,343
Total Investments: 100.0% (Cost: $2,553,980)				1,232,343
Liabilities in excess of other assets: 0.0%				(504	)
NET ASSETS: 100.0%			$	1,231,839

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Financials		12.6	%	$	154,851
Information Technology		87.4			1,077,492
		100.0	%	$	1,232,343

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	94,858	$	—	$	—	$	94,858
Bermuda		58,551		—		—		58,551
Canada		119,765		—		—		119,765
China		122,261		12,294		—		134,555
Germany		—		45,822		—		45,822
Hong Kong		—		17,358		—		17,358
United Kingdom		60,283		—		—		60,283
United States		701,151		—		—		701,151
Total Investments	$	1,156,869	$	75,474	$	—	$	1,232,343

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.7%
Australia: 3.9%
Iris Energy Ltd. (USD) * †		284,890	$	1,176,596
Bermuda: 4.4%
Hive Blockchain Technologies Ltd. (USD) * †		350,117		1,316,440
Canada: 9.1%
Bitfarms Ltd. (USD) * †		1,187,076		1,246,430
Hut 8 Mining Corp. (USD) * †		830,082		1,477,546
				2,723,976
China: 6.0%
BC Technology Group Ltd. (HKD) *		807,000		261,094
Canaan, Inc. (ADR) * †		469,180		1,538,910
				1,800,004
Germany: 4.8%
Bitcoin Group SE		26,521		511,169
Northern Data AG * †		75,610		917,787
				1,428,956
Hong Kong: 2.4%
Huobi Technology Holdings Ltd.*		1,508,000		717,163
Jersey, Channel Islands: 1.6%
Coinshares International Ltd. (SEK) *		139,442		474,568
United Kingdom: 4.1%
Argo Blockchain Plc (ADR) * †		315,473		1,220,881
United States: 63.4%
Applied Blockchain, Inc. *		421,194		716,030
Bakkt Holdings, Inc. * †		444,703		1,013,923

	Number of Shares		Value
United States (continued)
Bit Digital, Inc. * †		467,774	$	561,329
Block, Inc. *		39,602		2,177,713
Cipher Mining, Inc. * †		316,077		398,257
Cleanspark, Inc. * †		317,411		1,009,367
Coinbase Global, Inc. *		39,353		2,537,874
Core Scientific, Inc. * †		807,027		1,049,135
Galaxy Digital Holdings Ltd. (CAD) * †		279,392		1,191,541
Marathon Digital Holdings, Inc. * †		172,462		1,847,068
MicroStrategy, Inc. * †		9,980		2,118,355
Riot Blockchain, Inc. * †		281,907		1,976,168
Silvergate Capital Corp. *		26,800		2,019,380
Terawulf, Inc. *		302,787		381,512
				18,997,652
Total Common Stocks (Cost: $62,631,141)				29,856,236

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 28.8%
Money Market Fund: 28.8% (Cost: $8,613,586)
State Street Navigator Securities Lending Government Money Market Portfolio		8,613,586		8,613,586
Total Investments: 128.5% (Cost: $71,244,727)				38,469,822
Liabilities in excess of other assets: (28.5)%				(8,533,801)
NET ASSETS: 100.0%			$	29,936,021

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
SEK	Swedish Krona
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $8,253,281.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		26.9	%	$	8,009,550
Information Technology		73.1			21,846,686
		100.0	%	$	29,856,236

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,176,596	$	—	$	—	$	1,176,596
Bermuda		1,316,440		—		—		1,316,440
Canada		2,723,976		—		—		2,723,976
China		1,538,910		261,094		—		1,800,004
Germany		—		1,428,956		—		1,428,956
Hong Kong		—		717,163		—		717,163
Jersey, Channel Islands		—		474,568		—		474,568
United Kingdom		1,220,881		—		—		1,220,881
United States		18,997,652		—		—		18,997,652
Money Market Fund		8,613,586		—		—		8,613,586
Total Investments	$	35,588,041	$	2,881,781	$	—	$	38,469,822

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 75.2%
Energy: 75.2%
Antero Midstream Corp.		100,821	$	925,537
Cheniere Energy, Inc.		15,145		2,512,707
CNX Resources Corp. *		40,689		631,900
DT Midstream, Inc.		27,230		1,412,965
Enbridge, Inc.		65,430		2,427,453
EnLink Midstream LLC		69,868		621,126
Equitrans Midstream Corp.		106,979		800,203
Gibson Energy, Inc.		48,062		764,413
Hess Midstream LP		12,303		313,973
Keyera Corp.		64,718		1,332,450
Kinder Morgan, Inc.		122,645		2,040,813
Kinetik Holdings, Inc.		7,723		251,615
ONEOK, Inc.		30,679		1,571,992
Pembina Pipeline Corp.		48,643		1,477,288
Plains GP Holdings LP		58,243		635,431
Targa Resources Corp.		22,229		1,341,298
TC Energy Corp.		56,180		2,263,493
The Williams Companies, Inc.		60,704		1,737,955
Total Common Stocks (Cost: $23,823,175)				23,062,612

	Number of Shares		Value
MASTER LIMITED PARTNERSHIPS: 24.6%
Energy: 24.6%
Crestwood Equity Partners LP		10,140	$	281,588
DCP Midstream LP		10,079		378,668
Energy Transfer LP		132,137		1,457,471
Enterprise Products Partners LP		57,496		1,367,255
Genesis Energy LP		10,092		92,846
Holly Energy Partners LP		5,125		84,101
Magellan Midstream Partners LP		25,521		1,212,503
MPLX LP		39,697		1,191,307
NuStar Energy LP		9,229		124,591
Plains All American Pipeline LP		52,007		547,114
Shell Midstream Partners LP		15,938		251,980
Western Midstream Partners LP		22,228		559,256
Total Master Limited Partnerships (Cost: $7,147,758)				7,548,680
Total Investments: 99.8% (Cost: $30,970,933)				30,611,292
Other assets less liabilities: 0.2%				64,298
NET ASSETS: 100.0%			$	30,675,590

Footnotes:

*	Non-income producing

Summary of Investments by Sector		% of Investments				Value
Energy			100.0	%		$	30,611,292

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	23,062,612	$	—	$	—	$	23,062,612
Master Limited Partnerships *		7,548,680		—		—		7,548,680
Total Investments	$	30,611,292	$	—	$	—	$	30,611,292

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Canada: 6.5%
GFL Environmental, Inc. (USD) †		87,624	$	2,216,011
Li-Cycle Holdings Corp. (USD) *		421,086		2,240,178
				4,456,189
United States: 93.5%
ABM Industries, Inc.		61,160		2,338,147
Aris Water Solution, Inc. †		98,158		1,252,496
Casella Waste Systems, Inc. *		30,117		2,300,638
CECO Environmental Corp. *		163,402		1,446,108
Clean Harbors, Inc. *		20,849		2,292,973
Darling Ingredients, Inc. *		33,088		2,188,771
Donaldson Co., Inc.		47,520		2,328,955
Ecolab, Inc.		47,071		6,797,994
Energy Recovery, Inc. *		98,011		2,130,759
Evoqua Water Technologies Corp. *		66,922		2,213,110
Heritage-Crystal Clean, Inc. *		47,788		1,413,091
Montrose Environmental Group, Inc. * †		58,912		1,982,389
PureCycle Technologies, Inc. * †		260,775		2,104,454
Republic Services, Inc.		51,353		6,986,062

	Number of Shares		Value
United States (continued)
Schnitzer Steel Industries, Inc.		47,280	$	1,345,589
Stericycle, Inc. *		50,012		2,106,005
STERIS Plc		13,170		2,189,908
Tennant Co.		39,979		2,261,212
Tetra Tech, Inc.		18,724		2,406,596
Vertex Energy, Inc. * †		229,076		1,427,143
Waste Connections, Inc.		51,345		6,938,250
Waste Management, Inc.		43,861		7,026,971
				63,477,621
Total Common Stocks (Cost: $72,747,210)				67,933,810

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,158,958)
State Street Navigator Securities Lending Government Money Market Portfolio		1,158,958		1,158,958
Total Investments: 101.7% (Cost: $73,906,168)				69,092,768
Liabilities in excess of other assets: (1.7)%				(1,177,981)
NET ASSETS: 100.0%			$	67,914,787

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,660,485.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		3.2	%	$	2,188,771
Energy		2.1			1,427,143
Health Care		3.2			2,189,908
Industrials		76.4			51,879,951
Materials		15.1			10,248,037
		100.0	%	$	67,933,810

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	67,933,810	$	—	$	—	$	67,933,810
Money Market Fund		1,158,958		—		—		1,158,958
Total Investments	$	69,092,768	$	—	$	—	$	69,092,768

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 11.7%
Aristocrat Leisure Ltd.		194,620	$	4,125,044
Lottery Corp. Ltd. *		724,017		1,950,336
Star Entertainment Group Ltd. * †		317,619		527,000
Tabcorp Holdings Ltd.		788,993		475,587
				7,077,967
Cambodia: 0.7%
NagaCorp Ltd. (HKD) *		633,741		415,036
China: 7.9%
Galaxy Entertainment Group Ltd. (HKD)		671,240		3,945,349
Melco Resorts & Entertainment Ltd. (ADR) *		76,956		510,218
SJM Holdings Ltd. (HKD) * †		829,500		308,055
				4,763,622
France: 2.3%
La Francaise des Jeux SAEM 144A		47,792		1,417,119
Greece: 1.5%
OPAP SA		76,521		917,300
Ireland: 7.9%
Flutter Entertainment Plc *		43,487		4,791,687
Japan: 1.5%
Heiwa Corp. †		25,800		399,005
Sankyo Co. Ltd.		17,179		520,068
				919,073
Malaysia: 4.8%
Genting Bhd		915,500		880,996
Genting Malaysia Bhd		1,205,098		722,149
Genting Singapore Ltd. (SGD)		2,366,200		1,287,080
				2,890,225
Malta: 0.9%
Kindred Group Plc (SEK) (SDR)		71,018		532,180
New Zealand: 0.6%
SkyCity Entertainment Group Ltd. *		217,776		334,271
South Korea: 1.4%
Kangwon Land, Inc. *		52,640		859,427

	Number of Shares		Value
Sweden: 6.1%
Evolution AB 144A		46,827	$	3,701,610
United Kingdom: 4.5%
Entain Plc		179,262		2,142,857
Playtech Plc*		113,709		556,966
				2,699,823
United States: 48.3%
Boyd Gaming Corp.		27,180		1,295,127
Caesars Entertainment, Inc. *		57,229		1,846,207
Churchill Downs, Inc.		9,904		1,823,822
DraftKings, Inc. * †		166,483		2,520,553
Gaming and Leisure Properties, Inc.		58,441		2,585,430
International Game Technology Plc†		43,025		679,795
Las Vegas Sands Corp. *		114,980		4,314,050
Light & Wonder, Inc. *		23,997		1,028,991
MGM Resorts International		95,845		2,848,513
Penn Entertainment, Inc. *		37,031		1,018,723
Sands China Ltd. (HKD) *		1,012,400		2,521,025
VICI Properties, Inc.		153,764		4,589,855
Wynn Macau Ltd. (HKD) * †		502,000		319,962
Wynn Resorts Ltd. * †		29,880		1,883,336
				29,275,389
Total Common Stocks
(Cost: $89,255,676)				60,594,729

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $393)
State Street Navigator Securities Lending Government Money Market Portfolio		393		393
Total Investments: 100.1% (Cost: $89,256,069)				60,595,122
Liabilities in excess of other assets: (0.1)%				(32,774	)
NET ASSETS: 100.0%			$	60,562,348

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
SGD	Singapore Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,700,786.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $5,118,729, or 8.5% of net assets.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		88.2	%	$	53,419,444
Real Estate		11.8			7,175,285
		100.0	%	$	60,594,729

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	7,077,967	$	—	$	7,077,967
Cambodia		—		415,036		—		415,036
China		510,218		4,253,404		—		4,763,622
France		—		1,417,119		—		1,417,119
Greece		—		917,300		—		917,300
Ireland		—		4,791,687		—		4,791,687
Japan		—		919,073		—		919,073
Malaysia		—		2,890,225		—		2,890,225
Malta		—		532,180		—		532,180
New Zealand		—		334,271		—		334,271
South Korea		—		859,427		—		859,427
Sweden		—		3,701,610		—		3,701,610
United Kingdom		—		2,699,823		—		2,699,823
United States		26,434,402		2,840,987		—		29,275,389
Money Market Fund		393		—		—		393
Total Investments	$	26,945,013	$	33,650,109	$	—	$	60,595,122

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.7%
Denmark: 5.0%
Novo Nordisk A/S (ADR)		262,689	$	26,171,705
France: 4.4%
Sanofi (ADR)		612,395		23,283,258
Israel: 3.0%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,939,004		15,647,762
Japan: 4.6%
Takeda Pharmaceutical Co. Ltd. (ADR) †		1,862,022		24,150,426
Switzerland: 4.9%
Novartis AG (ADR)		340,215		25,859,742
United Kingdom: 14.2%
AstraZeneca Plc (ADR)		460,336		25,244,826
GSK Plc (ADR)		787,027		23,162,205
Haleon Plc (ADR) * †		4,236,499		25,800,279
				74,207,310
United States: 63.6%
AbbVie, Inc.		214,961		28,849,916
AmerisourceBergen Corp.		167,641		22,686,857
Bausch Health Cos, Inc. * †		559,796		3,856,994
Bristol-Myers Squibb Co.		400,480		28,470,123
Catalent, Inc. *		207,015		14,979,605
Elanco Animal Health, Inc. *		470,331		5,836,808
Eli Lilly & Co.		94,890		30,682,682

	Number of Shares		Value
United States (continued)
Jazz Pharmaceuticals Plc *		94,511	$	12,597,371
Johnson & Johnson		296,817		48,488,025
McKesson Corp.		67,536		22,953,460
Merck & Co., Inc.		316,994		27,299,523
Organon & Co.		413,778		9,682,405
Patterson Companies, Inc.		111,505		2,678,350
Perrigo Co. Plc		168,269		6,000,473
Pfizer, Inc.		641,720		28,081,667
Viatris, Inc.		1,972,774		16,808,035
Zoetis, Inc.		154,511		22,912,436
				332,864,730
Total Common Stocks (Cost: $609,426,049)				522,184,933

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%
Money Market Fund: 8.8% (Cost: $46,183,116)
State Street Navigator Securities Lending Government Money Market Portfolio		46,183,116		46,183,116
Total Investments: 108.5% (Cost: $655,609,165)				568,368,049
Liabilities in excess of other assets: (8.5)%				(44,629,656	)
NET ASSETS: 100.0%			$	523,738,393

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $45,736,922.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		5.5	%	$	28,849,916
Health Care Distributors		9.3			48,318,667
Personal Products		4.9			25,800,279
Pharmaceuticals		80.3			419,216,071
		100.0	%	$	522,184,933

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	522,184,933	$	—	$	—	$	522,184,933
Money Market Fund		46,183,116		—		—		46,183,116
Total Investments	$	568,368,049	$	—	$	—	$	568,368,049

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 4.2%
JD.com, Inc. (ADR)		124,538	$	6,264,261
United States: 95.8%
Amazon.com, Inc. *		255,975		28,925,175
AmerisourceBergen Corp.		18,186		2,461,111
AutoZone, Inc. *		2,023		4,333,124
Bath & Body Works, Inc.		21,375		696,825
Best Buy Co., Inc.		20,742		1,313,798
Cardinal Health, Inc.		26,304		1,753,951
Costco Wholesale Corp.		24,356		11,502,608
CVS Health Corp.		74,070		7,064,056
Dollar General Corp.		21,113		5,064,164
Dollar Tree, Inc. *		23,580		3,209,238
Lowe’s Companies, Inc.		41,162		7,730,635
Lululemon Athletica, Inc. *		11,805		3,300,206
McKesson Corp.		16,816		5,715,254
O’Reilly Automotive, Inc. *		7,871		5,536,068
Ross Stores, Inc.		35,530		2,994,113
Sysco Corp.		57,733		4,082,300
Target Corp.		43,664		6,479,301
The Home Depot, Inc.		52,939		14,607,988
The Kroger Co.		68,021		2,975,919

	Number of Shares		Value
United States (continued)
The TJX Companies, Inc.		113,264	$	7,035,960
Ulta Beauty, Inc. *		6,006		2,409,547
Walgreens Boots Alliance, Inc.		80,892		2,540,009
Walmart, Inc.		94,164		12,213,071
Wayfair, Inc. * †		4,718		153,571
				144,097,992
Total Common Stocks (Cost: $180,242,064)				150,362,253

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $443)
State Street Navigator Securities Lending Government Money Market Portfolio		443		443
Total Investments: 100.0% (Cost: $180,242,507)				150,362,696
Other assets less liabilities: 0.0%				69,396
NET ASSETS: 100.0%			$	150,432,092

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $145,889.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		66.5	%	$	100,053,974
Consumer Staples		22.2			33,313,907
Health Care		11.3			16,994,372
		100.0	%	$	150,362,253

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	150,362,253	$	—	$	—	$	150,362,253
Money Market Fund		443		—		—		443
Total Investments	$	150,362,696	$	—	$	—	$	150,362,696

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 8.6%
ASML Holding N.V. (USD)		667,101	$	277,080,400
NXP Semiconductors N.V. (USD)		1,420,411		209,524,827
				486,605,227
Switzerland: 2.2%
STMicroelectronics N.V. (USD) †		4,005,888		123,942,175
Taiwan: 11.3%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		9,240,040		633,497,142
United States: 77.9%
Advanced Micro Devices, Inc. *		3,994,330		253,080,749
Analog Devices, Inc.		1,899,077		264,617,389
Applied Materials, Inc.		3,112,790		255,030,885
Broadcom, Inc.		629,528		279,516,727
Cadence Design Systems, Inc. *		1,362,872		222,734,171
Intel Corp.		10,374,882		267,360,709
KLA Corp.		797,694		241,406,135
Lam Research Corp.		662,486		242,469,876
Marvell Technology, Inc.		4,304,353		184,699,787
Microchip Technology, Inc.		2,988,464		182,385,958
Micron Technology, Inc.		5,203,462		260,693,446

	Number of Shares		Value
United States (continued)
Monolithic Power Systems, Inc.		256,464	$	93,199,018
NVIDIA Corp.		3,888,120		471,978,887
ON Semiconductor Corp. *		2,218,432		138,274,867
Qorvo, Inc. *		513,563		40,782,038
Qualcomm, Inc.		2,472,711		279,366,889
Skyworks Solutions, Inc.		925,731		78,937,082
Synopsys, Inc. *		794,012		242,578,606
Teradyne, Inc.		848,033		63,729,680
Texas Instruments, Inc.		1,917,663		296,815,879
Universal Display Corp.		262,281		24,746,212
				4,384,404,990
Total Common Stocks (Cost: $9,059,409,912)				5,628,449,534

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $502,216)
State Street Navigator Securities Lending Government Money Market Portfolio		502,216		502,216
Total Investments: 100.0% (Cost: $9,059,912,128)				5,628,951,750
Other assets less liabilities: 0.0%				2,649,152
NET ASSETS: 100.0%			$	5,631,600,902

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $476,476.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Application Software		8.3	%	$	465,312,777
Semiconductor Equipment		19.1			1,079,716,976
Semiconductors		72.6			4,083,419,781
		100.0	%	$	5,628,449,534

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	5,628,449,534	$	—	$	—	$	5,628,449,534
Money Market Fund		502,216		—		—		502,216
Total Investments	$	5,628,951,750	$	—	$	—	$	5,628,951,750

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.6%
Aristocrat Leisure Ltd.		567,899	$	12,036,832
China: 16.7%
Bilibili, Inc. (ADR) * †		400,651		6,137,973
Kingsoft Corp. Ltd. (HKD)		1,513,800		4,005,294
NetEase, Inc. (ADR) †		184,300		13,933,080
Tencent Holdings Ltd. (HKD)		589,000		19,893,612
				43,969,959
France: 2.2%
Ubisoft Entertainment SA *		208,562		5,729,468
Japan: 23.5%
Bandai Namco Holdings, Inc.		196,600		12,810,752
Capcom Co. Ltd. †		316,300		7,962,792
Konami Group Corp. †		156,100		7,227,008
Nexon Co. Ltd. †		674,300		11,912,115
Nintendo Co. Ltd.		437,000		17,624,251
Square Enix Holdings Co. Ltd.		96,900		4,176,074
				61,712,992
Poland: 1.1%
CD Projekt SA †		139,488		2,803,419
South Korea: 3.0%
NCSoft Corp.		26,490		6,336,305
Netmarble Corp. 144A		42,505		1,506,918
				7,843,223
Sweden: 2.9%
Embracer Group AB * †		1,275,092		7,557,804

	Number of Shares		Value
Taiwan: 6.8%
Micro-Star International Co. Ltd.		1,571,000	$	5,288,178
Sea Ltd. (ADR) * †		223,559		12,530,482
				17,818,660
United States: 39.3%
Activision Blizzard, Inc.		244,432		18,171,075
Advanced Micro Devices, Inc. *		256,986		16,282,633
Electronic Arts, Inc.		116,394		13,467,950
NVIDIA Corp.		170,493		20,696,145
Roblox Corp. * †		329,294		11,801,897
Take-Two Interactive Software, Inc. *		109,073		11,888,957
Unity Software, Inc. * †		336,178		10,710,631
				103,019,288
Total Common Stocks (Cost: $383,158,963)				262,491,645

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%
Money Market Fund: 6.9% (Cost: $18,204,917)
State Street Navigator Securities Lending Government Money Market Portfolio		18,204,917		18,204,917
Total Investments: 107.0% (Cost: $401,363,880)				280,696,562
Liabilities in excess of other assets: (7.0)%				(18,432,843	)
NET ASSETS: 100.0%			$	262,263,719

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $39,137,060.
*	Non-income producing
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,506,918, or 0.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		70.3	%	$	184,666,474
Consumer Discretionary		9.5			24,847,584
Information Technology		20.2			52,977,587
		100.0	%	$	262,491,645

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	12,036,832	$	—	$	12,036,832
China		20,071,053		23,898,906		—		43,969,959
France		—		5,729,468		—		5,729,468
Japan		—		61,712,992		—		61,712,992
Poland		—		2,803,419		—		2,803,419
South Korea		—		7,843,223		—		7,843,223
Sweden		—		7,557,804		—		7,557,804
Taiwan		12,530,482		5,288,178		—		17,818,660
United States		103,019,288		—		—		103,019,288
Money Market Fund		18,204,917		—		—		18,204,917
Total Investments	$	153,825,740	$	126,870,822	$	—	$	280,696,562

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Biotech ETF			Digital Assets Mining ETF			Digital Transformation ETF			Energy Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	414,231,577		$	1,232,343		$	29,856,236		$	30,611,292
Short-term investments held as collateral for securities loaned (3)		1,932,533			—			8,613,586			—
Cash		254,406			62			51,827			—
Cash denominated in foreign currency, at value (4)		—			4			27			—
Receivables:
Investment securities sold		—			—			904			—
Dividends and interest		8,432			—			52,628			72,312
Federal and State income taxes		—			—			—			32,044
Total assets		416,426,948			1,232,409			38,575,208			30,715,648
Liabilities:
Payables:
Investment securities purchased		—			—			12,123			—
Collateral for securities loaned		1,932,533			—			8,613,586			—
Due to Adviser		124,586			570			13,478			11,877
Due to custodian		—			—			—			28,181
Deferred Trustee fees		64,926			—			—			—
Accrued expenses		495			—			—			—
Total liabilities		2,122,540			570			8,639,187			40,058
NET ASSETS	$	414,304,408		$	1,231,839		$	29,936,021		$	30,675,590
Shares outstanding		2,946,503			100,000			6,050,000			539,720
Net asset value, redemption and offering price per share	$	140.61		$	12.32		$	4.95		$	56.84
Net Assets consist of:
Aggregate paid in capital	$	642,671,683		$	3,461,613		$	110,672,784		$	39,356,724
Total distributable earnings (loss)		(228,367,275	)		(2,229,774	)		(80,736,763	)		(8,681,134	)
NET ASSETS	$	414,304,408		$	1,231,839		$	29,936,021		$	30,675,590
(1) Value of securities on loan	$	4,845,637		$	—		$	8,253,281		$	—
(2) Cost of investments - Unaffiliated issuers	$	463,141,907		$	2,553,980		$	62,631,141		$	30,970,933
(3) Cost of short-term investments held as collateral for securities loaned	$	1,932,533		$	—		$	8,613,586		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	4		$	27		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Environmental Services ETF			Gaming ETF			Pharmaceutical ETF			Retail ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	67,933,810		$	60,594,729		$	522,184,933		$	150,362,253
Short-term investments held as collateral for securities loaned (3)		1,158,958			393			46,183,116			443
Cash		39			29			711,732			85,735
Cash denominated in foreign currency, at value (4)		—			946,439			—			—
Receivables:
Investment securities sold		12,443,070			—			10,118,257			—
Dividends and interest		51,113			103,782			1,042,981			40,336
Prepaid expenses		2,842			2,841			—			—
Total assets		81,589,832			61,648,213			580,241,019			150,488,767
Liabilities:
Payables:
Investment securities purchased		5,527,442			—			—			—
Shares of beneficial interest redeemed		6,636,764			—			10,118,430			—
Collateral for securities loaned		1,158,958			393			46,183,116			443
Line of credit		264,419			982,488			—			—
Due to Adviser		31,837			26,215			161,830			45,973
Deferred Trustee fees		3,066			7,391			36,037			10,259
Accrued expenses		52,559			69,378			3,213			—
Total liabilities		13,675,045			1,085,865			56,502,626			56,675
NET ASSETS	$	67,914,787		$	60,562,348		$	523,738,393		$	150,432,092
Shares outstanding		520,000			1,850,000			7,788,138			971,531
Net asset value, redemption and offering price per share	$	130.61		$	32.74		$	67.25		$	154.84
Net Assets consist of:
Aggregate paid in capital	$	90,123,727		$	111,658,028		$	730,571,452		$	196,360,240
Total distributable earnings (loss)		(22,208,940	)		(51,095,680	)		(206,833,059	)		(45,928,148	)
NET ASSETS	$	67,914,787		$	60,562,348		$	523,738,393		$	150,432,092
(1) Value of securities on loan	$	4,660,485		$	3,700,786		$	45,736,922		$	145,889
(2) Cost of investments - Unaffiliated issuers	$	72,747,210		$	89,255,676		$	609,426,049		$	180,242,064
(3) Cost of short-term investments held as collateral for securities loaned	$	1,158,958		$	393		$	46,183,116		$	443
(4) Cost of cash denominated in foreign currency	$	—		$	1,014,528		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Semiconductor ETF			Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	5,628,449,534		$	262,491,645
Short-term investments held as collateral for securities loaned (3)		502,216			18,204,917
Cash		227			6,046
Cash denominated in foreign currency, at value (4)		—			4
Receivables:
Investment securities sold		347,820,609			—
Shares of beneficial interest sold		9,400,860			1,644
Dividends and interest		5,373,979			362,223
Prepaid expenses		—			7,079
Total assets		5,991,547,425			281,073,558
Liabilities:
Payables:
Investment securities purchased		9,400,557			—
Shares of beneficial interest redeemed		347,831,838			—
Collateral for securities loaned		502,216			18,204,917
Line of credit		295,525			380,664
Due to Adviser		1,811,099			124,878
Deferred Trustee fees		97,455			8,715
Accrued expenses		7,833			90,665
Total liabilities		359,946,523			18,809,839
NET ASSETS	$	5,631,600,902		$	262,263,719
Shares outstanding		30,420,937			6,450,000
Net asset value, redemption and offering price per share	$	185.12		$	40.66
Net Assets consist of:
Aggregate paid in capital	$	9,489,700,981		$	409,835,573
Total distributable earnings (loss)		(3,858,100,079	)		(147,571,854	)
NET ASSETS	$	5,631,600,902		$	262,263,719
(1) Value of securities on loan	$	476,476		$	39,137,060
(2) Cost of investments - Unaffiliated issuers	$	9,059,409,912		$	383,158,963
(3) Cost of short-term investments held as collateral for securities loaned	$	502,216		$	18,204,917
(4) Cost of cash denominated in foreign currency	$	—		$	4

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Biotech ETF			Digital Assets Mining ETF (a)			Digital Transformation ETF			Energy Income ETF
Income:
Dividends	$	3,824,471		$	—		$	1,954		$	780,757
Interest		—			—			—			20
Securities lending income		19,329			—			1,290,925			—
Foreign taxes withheld		(75,309	)		—			(287	)		(73,003	)
Total income		3,768,491			—			1,292,592			707,774
Expenses:
Management fees		1,707,698			5,126			232,411			131,441
Interest and taxes		2,177			—			2,265			7,448
Total expenses		1,709,875			5,126			234,676			138,889
Net investment income (loss)		2,058,616			(5,126	)		1,057,916			568,885

Net realized gain (loss) on:
Investments		(72,948,984	)		(904,871	)		(42,077,137	)		1,017,958
In-kind redemptions		20,504,756			—			(1,530,459	)		1,248,074
Foreign currency transactions and foreign denominated assets and liabilities		—			147			(16,493	)		(436	)
Net realized gain (loss)		(52,444,228	)		(904,724	)		(43,624,089	)		2,265,596

Net change in unrealized appreciation (depreciation) on:
Investments		(130,892,741	)		(1,321,637	)		(23,668,498	)		(1,866,240	)
Foreign currency translations and foreign denominated assets and liabilities		—			—			(24	)		(959	)
Net change in unrealized appreciation (depreciation)		(130,892,741	)		(1,321,637	)		(23,668,522	)		(1,867,199	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(181,278,353	)	$	(2,231,487	)	$	(66,234,695	)	$	967,282


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Environmental Services ETF			Gaming ETF			Pharmaceutical ETF			Retail ETF
Income:
Dividends	$	569,101		$	1,071,484		$	9,127,002		$	2,388,203
Interest		280			57			867			300
Securities lending income		115,503			29,831			128,651			3,202
Foreign taxes withheld		(8,170	)		(28,801	)		(332,499	)		—
Total income		676,714			1,072,571			8,924,021			2,391,705
Expenses:
Management fees		360,586			420,428			1,489,021			691,330
Professional fees		35,638			43,014			—			—
Custody and accounting fees		24,666			31,528			—			—
Reports to shareholders		14,510			20,191			—			—
Trustees’ fees and expenses		1,455			1,671			—			—
Registration fees		6,482			3,910			—			—
Insurance		2,762			4,181			—			—
Interest and taxes		812			10,880			22,619			1,581
Other		566			8,703			—			—
Total expenses		447,477			544,506			1,511,640			692,911
Waiver of management fees		(50,019	)		—			—			—
Net expenses		397,458			544,506			1,511,640			692,911
Net investment income		279,256			528,065			7,412,381			1,698,794

Net realized gain (loss) on:
Investments		(4,095,476	)		(7,928,657	)		(33,820,073	)		(5,627,678	)
In-kind redemptions		10,447,365			4,844,966			48,141,710			10,160,833
Foreign currency transactions and foreign denominated assets and liabilities		4			(20,088	)		—			—
Net realized gain (loss)		6,351,893			(3,103,779	)		14,321,637			4,533,155

Net change in unrealized appreciation (depreciation) on:
Investments		(13,919,150	)		(29,359,063	)		(79,556,497	)		(26,338,540	)
Foreign currency translations and foreign denominated assets and liabilities		—			(70,865	)		—			—
Net change in unrealized appreciation (depreciation)		(13,919,150	)		(29,429,928	)		(79,556,497	)		(26,338,540	)
Net Decrease in Net Assets Resulting from Operations	$	(7,288,001	)	$	(32,005,642	)	$	(57,822,479	)	$	(20,106,591	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Semiconductor ETF			Video Gaming and eSports ETF
Income:
Dividends	$	93,494,943		$	5,155,205
Interest		11,854			—
Securities lending income		106,711			173,032
Foreign taxes withheld		(4,993,551	)		(389,423	)
Total income		88,619,957			4,938,814
Expenses:
Management fees		25,764,670			2,280,361
Professional fees		—			67,971
Custody and accounting fees		—			54,017
Reports to shareholders		—			60,150
Trustees’ fees and expenses		—			17,605
Registration fees		—			7,304
Insurance		—			10,368
Interest and taxes		46,782			51,558
Other		—			11,514
Total expenses		25,811,452			2,560,848
Waiver of management fees		—			(886	)
Net expenses		25,811,452			2,559,962
Net investment income		62,808,505			2,378,852

Net realized gain (loss) on:
Investments		(358,331,936	)		(30,864,793	)
In-kind redemptions		1,015,379,556			42,300,181
Foreign currency transactions and foreign denominated assets and liabilities		—			(126,056	)
Net realized gain		657,047,620			11,309,332

Net change in unrealized appreciation (depreciation) on:
Investments		(3,277,654,394	)		(172,499,427	)
Foreign currency translations and foreign denominated assets and liabilities		—			(17,000	)
Net change in unrealized appreciation (depreciation)		(3,277,654,394	)		(172,516,427	)
Net Decrease in Net Assets Resulting from Operations	$	(2,557,798,269	)	$	(158,828,243	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Assets Mining ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2022 (a)

Operations:
Net investment income (loss)	$	2,058,616		$	1,199,758		$	(5,126	)
Net realized gain (loss)		(52,444,228	)		79,266,644			(904,724	)
Net change in unrealized appreciation (depreciation)		(130,892,741	)		36,737,909			(1,321,637	)
Net increase (decrease) in net assets resulting from operations		(181,278,353	)		117,204,311			(2,231,487	)
Distributions to shareholders from:
Distributable earnings		(1,180,281	)		(1,699,994	)		—

Share transactions*:
Proceeds from sale of shares		91,504,466			219,670,586			3,463,326
Cost of shares redeemed		(84,861,837	)		(230,504,701	)		—
Increase (decrease) in net assets resulting from share transactions		6,642,629			(10,834,115	)		3,463,326
Total increase (decrease) in net assets		(175,816,005	)		104,670,202			1,231,839
Net Assets, beginning of period		590,120,413			485,450,211			—
Net Assets, end of period	$	414,304,408		$	590,120,413		$	1,231,839
*Shares of Common Stock Issued (no par value)
Shares sold		575,000			1,150,000			100,000
Shares redeemed		(550,000	)		(1,225,000	)		—
Net increase (decrease)		25,000			(75,000	)		100,000

(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital Transformation ETF						Energy Income ETF
	Year Ended September 30, 2022			Period Ended September 30, 2021 (a)			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	1,057,916		$	2,922		$	568,885		$	597,470
Net realized gain (loss)		(43,624,089	)		(2,316,643	)		2,265,596			1,631,575
Net change in unrealized appreciation (depreciation)		(23,668,522	)		(9,106,406	)		(1,867,199	)		10,387,964
Net increase (decrease) in net assets resulting from operations		(66,234,695	)		(11,420,127	)		967,282			12,617,009
Distributions to shareholders from:
Distributable earnings		(4,600,120	)		—			(502,535	)		(659,351	)
Return of capital		—			—			(607,866	)		(850,413	)
Total distributions		(4,600,120	)		—			(1,110,401	)		(1,509,764	)

Share transactions*:
Proceeds from sale of shares		61,030,371			58,233,162			12,633,846			2,332,086
Cost of shares redeemed		(5,876,037	)		(1,196,533	)		(5,671,728	)		(9,804,516	)
Increase (decrease) in net assets resulting from share transactions		55,154,334			57,036,629			6,962,118			(7,472,430	)
Total increase (decrease) in net assets		(15,680,481	)		45,616,502			6,818,999			3,634,815
Net Assets, beginning of period		45,616,502			—			23,856,591			20,221,776
Net Assets, end of period	$	29,936,021		$	45,616,502		$	30,675,590		$	23,856,591
*Shares of Common Stock Issued (no par value)
Shares sold		4,675,000			2,050,000			200,000			50,000
Shares redeemed		(625,000	)		(50,000	)		(100,000	)		(200,000	)
Net increase (decrease)		4,050,000			2,000,000			100,000			(150,000	)

(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Environmental Services ETF						Gaming ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	279,256		$	135,228		$	528,065		$	376,153
Net realized gain (loss)		6,351,893			8,224,962			(3,103,779	)		12,044,047
Net change in unrealized appreciation (depreciation)		(13,919,150	)		6,390,584			(29,429,928	)		(2,950,274	)
Net increase (decrease) in net assets resulting from operations		(7,288,001	)		14,750,774			(32,005,642	)		9,469,926
Distributions to shareholders from:
Distributable earnings		(200,016	)		(124,993	)		(725,005	)		(349,965	)

Share transactions*:
Proceeds from sale of shares		39,446,432			40,559,653			6,562,409			90,865,077
Cost of shares redeemed		(31,337,177	)		(18,707,729	)		(31,658,817	)		(36,388,492	)
Increase (decrease) in net assets resulting from share transactions		8,109,255			21,851,924			(25,096,408	)		54,476,585
Total increase (decrease) in net assets		621,238			36,477,705			(57,827,055	)		63,596,546
Net Assets, beginning of year		67,293,549			30,815,844			118,389,403			54,792,857
Net Assets, end of year	$	67,914,787		$	67,293,549		$	60,562,348		$	118,389,403
*Shares of Common Stock Issued (no par value)
Shares sold		270,000			300,000			150,000			1,775,000
Shares redeemed		(220,000	)		(140,000	)		(750,000	)		(725,000	)
Net increase (decrease)		50,000			160,000			(600,000	)		1,050,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Pharmaceutical ETF						Retail ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	7,412,381		$	4,717,616		$	1,698,794		$	1,987,122
Net realized gain		14,321,637			16,088,881			4,533,155			54,787,974
Net change in unrealized appreciation (depreciation)		(79,556,497	)		20,215,746			(26,338,540	)		(23,437,570	)
Net increase (decrease) in net assets resulting from operations		(57,822,479	)		41,022,243			(20,106,591	)		33,337,526
Distributions to shareholders from:
Distributable earnings		(6,817,403	)		(4,063,401	)		(1,850,009	)		(1,274,964	)

Share transactions*:
Proceeds from sale of shares		723,658,357			506,408,386			67,184,294			278,009,892
Cost of shares redeemed		(454,218,449	)		(459,578,185	)		(134,470,494	)		(252,249,346	)
Increase (decrease) in net assets resulting from share transactions		269,439,908			46,830,201			(67,286,200	)		25,760,546
Total increase (decrease) in net assets		204,800,026			83,789,043			(89,242,800	)		57,823,108
Net Assets, beginning of year		318,938,367			235,149,324			239,674,892			181,851,784
Net Assets, end of year	$	523,738,393		$	318,938,367		$	150,432,092		$	239,674,892
*Shares of Common Stock Issued (no par value)
Shares sold		9,450,000			7,300,000			350,000			1,600,000
Shares redeemed		(6,050,000	)		(6,700,000	)		(750,000	)		(1,450,000	)
Net increase (decrease)		3,400,000			600,000			(400,000	)		150,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Semiconductor ETF						Video Gaming and eSports ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	62,808,505		$	34,765,102		$	2,378,852		$	441,491
Net realized gain		657,047,620			1,661,280,446			11,309,332			97,749,751
Net change in unrealized appreciation (depreciation)		(3,277,654,394	)		(254,053,014	)		(172,516,427	)		(77,257,187	)
Net increase (decrease) in net assets resulting from operations		(2,557,798,269	)		1,441,992,534			(158,828,243	)		20,934,055
Distributions to shareholders from:
Distributable earnings		(38,500,125	)		(29,249,241	)		(20,504,040	)		(870,225	)

Share transactions*:
Proceeds from sale of shares		29,465,480,838			15,625,608,376			24,147,755			266,565,899
Cost of shares redeemed		(27,175,192,549	)		(13,747,005,339	)		(213,552,026	)		(177,196,989	)
Increase (decrease) in net assets resulting from share transactions		2,290,288,289			1,878,603,037			(189,404,271	)		89,368,910
Total increase (decrease) in net assets		(306,010,105	)		3,291,346,330			(368,736,554	)		109,432,740
Net Assets, beginning of year		5,937,611,007			2,646,264,677			631,000,273			521,567,533
Net Assets, end of year	$	5,631,600,902		$	5,937,611,007		$	262,263,719		$	631,000,273
*Shares of Common Stock Issued (no par value)
Shares sold		116,050,000			66,350,000			400,000			3,850,000
Shares redeemed		(108,800,000	)		(58,350,000	)		(3,650,000	)		(2,650,000	)
Net increase (decrease)		7,250,000			8,000,000			(3,250,000	)		1,200,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Biotech ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$201.99			$162.01			$118.04			$136.11			$134.17
Net investment income (a)		0.69			0.42			0.59			0.39			0.52
Net realized and unrealized gain (loss) on investments		(61.67	)		40.17			43.85			(17.91	)		2.10	(b)
Total from investment operations		(60.98	)		40.59			44.44			(17.52	)		2.62
Distributions from:
Net investment income		(0.40	)		(0.61	)		(0.47	)		(0.55	)		(0.68	)
Net asset value, end of year		$140.61			$201.99			$162.01			$118.04			$136.11
Total return (c)		(30.24	)%		25.13	%		37.71	%		(12.84	)%		2.00	%

Ratios to average net assets
Gross expenses (d)		0.35	%		0.38	%		0.39	%		0.40	%		0.40	%
Net expenses (d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.42	%		0.23	%		0.40	%		0.31	%		0.41	%
Supplemental data
Net assets, end of year (in millions)		$414			$590			$485			$318			$476
Portfolio turnover rate (e)		24	%		41	%		40	%		24	%		30	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Assets Mining ETF

	Period Ended September 30, 2022(a)

Net asset value, beginning of period		$33.43
Net investment loss (b)		(0.06	)
Net realized and unrealized loss on investments		(21.05	)
Total from investment operations		(21.11	)
Net asset value, end of period		$12.32
Total return (c)		(63.15	)%(d)

Ratios to average net assets
Expenses		0.50	%(e)
Net investment loss		(0.50	)%(e)
Supplemental data
Net assets, end of period (in millions)		$1
Portfolio turnover rate (f)		39	%(d)


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF

	Year Ended September 30, 2022			Period Ended September 30, 2021(a)

Net asset value, beginning of period		$22.81			$35.25
Net investment income (b)		0.26			—	(c)
Net realized and unrealized loss on investments		(16.24	)		(12.44	)
Total from investment operations		(15.98	)		(12.44	)
Distributions from:
Net investment income		(1.88	)		—
Net asset value, end of period		$4.95			$22.81
Total return (d)		(76.33	)%		(35.30	)%(e)

Ratios to average net assets
Expenses		0.50	%		0.58	%(f)
Net investment income		2.28	%		0.02	%(f)
Supplemental data
Net assets, end of period (in millions)		$30			$46
Portfolio turnover rate (g)		74	%		49	%(e)


(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Energy Income ETF(a)
	Year Ended September 30,						Period Ended September 30, 2020(b)			Year Ended November 30,
	2022			2021			Period Ended September 30, 2020(b)			2019			2018			2017

Net asset value, beginning of year		$54.25			$34.29			$51.20			$58.32			$68.49			$76.29
Net investment income (loss) (c)		1.17			1.15			0.76			(0.39	)		0.09			0.42
Net realized and unrealized gain (loss) on investments		3.67			21.90			(15.58	)		(1.42	)		(4.44	)		(2.25	)
Total from investment operations		4.84			23.05			(14.82	)		(1.81	)		(4.35	)		(1.83	)
Distributions from:
Net investment income		(1.02	)		(1.37	)		—			(1.77	)		—			—
Return of capital		(1.23	)		(1.72	)		(2.09	)		(3.54	)		(5.82	)		(5.97	)
Total distributions		(2.25	)		(3.09	)		(2.09	)		(5.31	)		(5.82	)		(5.97	)
Net asset value, end of year		$56.84			$54.25			$34.29			$51.20			$58.32			$68.49
Total return (d)		8.79	%		68.88	%		(29.74	)%(e)		(3.66	)%		(7.16	)%		(2.67	)%

Ratios to average net assets
Expenses		0.48	%		0.46	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Expenses excluding interest and taxes		0.45	%		0.45	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Net investment income (loss)		1.95	%		2.43	%		2.17	%(f)(k)		(0.68	)%(h)		0.13	%(i)		0.55	%(j)
Supplemental data
Net assets, end of year (in millions)		$31			$24			$20			$52			$45			$64
Portfolio turnover rate (l)		21	%		24	%		24	%(e)		106	%		34	%		40	%


(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed its fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	Includes income tax expense of 0.04% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(k)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been lower.
(l)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Environmental Services ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$143.18			$99.41			$104.25			$96.64			$86.02
Net investment income (a)		0.56			0.36			0.46			0.46			0.42
Net realized and unrealized gain (loss) on investments		(12.76	)		43.80			(4.83	)		7.47			10.98
Total from investment operations		(12.20	)		44.16			(4.37	)		7.93			11.40
Distributions from:
Net investment income		(0.37	)		(0.39	)		(0.47	)		(0.32	)		(0.78	)
Net asset value, end of year		$130.61			$143.18			$99.41			$104.25			$96.64
Total return (b)		(8.56	)%		44.50	%		(4.23	)%		8.30	%		13.36	%

Ratios to average net assets
Gross expenses		0.62	%		0.71	%		0.85	%		0.81	%		0.98	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.56	%
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.39	%		0.27	%		0.47	%		0.47	%		0.47	%
Supplemental data
Net assets, end of year (in millions)		$68			$67			$31			$36			$24
Portfolio turnover rate (c)		35	%		21	%		38	%		20	%		24	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Gaming ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$48.32			$39.14			$36.61			$39.76			$42.61
Net investment income (a)		0.25			0.16			0.51			1.07			1.03
Net realized and unrealized gain (loss) on investments		(15.48	)		9.24			3.25			(3.09	)		(2.80	)
Total from investment operations		(15.23	)		9.40			3.76			(2.02	)		(1.77	)
Distributions from:
Net investment income		(0.35	)		(0.22	)		(1.23	)		(1.13	)		(1.08	)
Net asset value, end of year		$32.74			$48.32			$39.14			$36.61			$39.76
Total return (b)		(31.72	)%		24.06	%		10.03	%		(4.73	)%		(4.51	)%

Ratios to average net assets
Gross expenses		0.65	%		0.62	%		0.92	%		0.94	%		0.86	%
Net expenses		0.65	%		0.62	%		0.65	%		0.66	%		0.66	%
Net expenses excluding interest and taxes		0.63	%		0.62	%		0.65	%		0.65	%		0.65	%
Net investment income		0.63	%		0.32	%		1.41	%		2.92	%		2.24	%
Supplemental data
Net assets, end of year (in millions)		$61			$118			$55			$24			$26
Portfolio turnover rate (c)		16	%		20	%		29	%		20	%		31	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Pharmaceutical ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$72.68			$62.08			$56.93			$64.37			$57.75
Net investment income (a)		1.32			1.29			1.06			1.04			1.01
Net realized and unrealized gain (loss) on investments		(5.44	)		10.46			5.14			(7.37	)		6.62
Total from investment operations		(4.12	)		11.75			6.20			(6.33	)		7.63
Distributions from:
Net investment income		(1.31	)		(1.15	)		(1.05	)		(1.11	)		(1.01	)
Net asset value, end of year		$67.25			$72.68			$62.08			$56.93			$64.37
Total return (b)		(5.91	)%		19.10	%		11.02	%		(9.88	)%		13.42	%

Ratios to average net assets
Gross expenses (c)		0.36	%		0.40	%		0.42	%		0.43	%		0.43	%
Net expenses (c)		0.36	%		0.35	%		0.35	%		0.36	%		0.36	%
Net expenses excluding interest and taxes (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.74	%		1.85	%		1.74	%		1.77	%		1.70	%
Supplemental data
Net assets, end of year (in millions)		$524			$319			$235			$142			$276
Portfolio turnover rate (d)		23	%		20	%		18	%		21	%		18	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Retail ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$174.75			$148.87			$114.49			$111.44			$81.42
Net investment income (a)		1.52			1.54			1.22			1.31			1.13
Net realized and unrealized gain (loss) on investments		(19.92	)		25.34			34.25			2.72			30.32
Total from investment operations		(18.40	)		26.88			35.47			4.03			31.45
Distributions from:
Net investment income		(1.51	)		(1.00	)		(1.09	)		(0.98	)		(1.43	)
Net asset value, end of year		$154.84			$174.75			$148.87			$114.49			$111.44
Total return (b)		(10.69	)%		18.13	%		31.22	%		3.82	%		39.01	%

Ratios to average net assets
Gross expenses (c)		0.35	%		0.42	%		0.47	%		0.48	%		0.52	%
Net expenses (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.86	%		0.92	%		0.96	%		1.25	%		1.15	%
Supplemental data
Net assets, end of year (in millions)		$150			$240			$182			$71			$136
Portfolio turnover rate (d)		14	%		12	%		12	%		9	%		16	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Semiconductor ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$256.25			$174.43			$119.14			$106.41			$93.34
Net investment income (a)		2.14			1.71			1.88			1.75			1.19
Net realized and unrealized gain (loss) on investments		(71.70	)		81.61			55.53			12.62			13.28
Total from investment operations		(69.56	)		83.32			57.41			14.37			14.47
Distributions from:
Net investment income		(1.57	)		(1.50	)		(2.12	)		(1.64	)		(1.40	)
Net asset value, end of year		$185.12			$256.25			$174.43			$119.14			$106.41
Total return (b)		(27.40	)%		47.94	%		48.60	%		14.09	%		15.61	%

Ratios to average net assets
Gross expenses (c)		0.35	%		0.36	%		0.37	%		0.39	%		0.39	%
Net expenses (c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.85	%		0.72	%		1.31	%		1.68	%		1.14	%
Supplemental data
Net assets, end of year (in millions)		$5,632			$5,938			$2,646			$1,361			$1,215
Portfolio turnover rate (d)		22	%		20	%		14	%		19	%		23	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Periods after September 30, 2021 reflect a unitary management fee structure.
(d)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Video Gaming and eSports ETF
	Year Ended September 30,
	2022			2021			2020			Period Ended September 30, 2019(a)

Net asset value, beginning of period		$65.05			$61.36			$33.74			$30.88
Net investment income (b)		0.31			0.04			0.03			0.12
Net realized and unrealized gain (loss) on investments		(22.47	)		3.73			27.67			2.75
Total from investment operations		(22.16	)		3.77			27.70			2.87
Distributions from:
Net investment income		(0.05	)		(0.08	)		(0.08	)		(0.01	)
Net realized capital gains		(2.18	)		—			—			—
Total distributions		(2.23	)		(0.08	)		(0.08	)		(0.01	)
Net asset value, end of period		$40.66			$65.05			$61.36			$33.74
Total return (c)		(35.42	)%		6.15	%		82.25	%		9.31	%(d)

Ratios to average net assets
Gross expenses		0.56	%		0.55	%		0.58	%		0.99	%(e)
Net expenses		0.56	%		0.55	%		0.55	%		0.55	%(e)
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%(e)
Net investment income		0.52	%		0.06	%		0.06	%		0.38	%(e)
Supplemental data
Net assets, end of period (in millions)		$262			$631			$522			$39
Portfolio turnover rate (f)		35	%		33	%		25	%		27	%(d)


(a)	For the period October 16, 2018 (commencement of operations) through September 30, 2019.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).

Fund	Diversification Classification

Biotech ETF	Non-Diversified
Digital Assets Mining ETF	Non-Diversified
Digital Transformation ETF	Non-Diversified
Energy Income ETF	Non-Diversified
Environmental Services ETF	Non-Diversified
Gaming ETF	Non-Diversified
Pharmaceutical ETF	Non-Diversified
Retail ETF	Non-Diversified
Semiconductor ETF	Non-Diversified
Video Gaming and eSports ETF	Non-Diversified

Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index.

Effective December 2, 2019, the Energy Income ETF federal tax status changed from a taxable C-Corporation into a regulated investment company (“RIC”) and the unitary management fee rate changed from 0.82% to 0.45%.

In September 2020, the Board of Trustees (the “Board”) approved changing the Energy Income ETF’s fiscal year-end from November 30 to September 30.

Note 2—Significant Accounting Policies— The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies.

The following summarizes the Funds’ significant accounting policies.

Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	as Level 1 in the fair value hierarchy. The Board has designated Van Eck Associates Corporation (the “Adviser”) as valuation designee under Rule 2a-5 to perform the fund’s fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

	Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

	The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

	Level 1 — Quoted prices in active markets for identical securities.

	Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

	Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

B.	Federal Income Taxes— It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

C.	Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund (except for dividends from net investment income on Energy Income ETF and Pharmaceutical ETF, which are declared and paid quarterly). Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

D.	Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each

	business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

E.	Restricted Securities— The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

F.	Master Limited Partnerships— The Energy Income ETF invests a portion of its total assets in Master Limited Partnerships (“MLPs”) receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rent, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options with respect to commodities. The MLPs themselves generally do not pay U.S. federal income taxes (although some states do impose a net income tax on partnerships). Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). The Energy Income ETF invests the remainder of its assets in MLPs that are treated as C corporations for tax purposes.

G.	Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at September 30, 2022, is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

H.	Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.

	The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.

	The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Fund’s and other industry sources. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

	which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least February 1, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below.

The management fee rates and expense limitations for the year ended September 30, 2022, are as follows:

Fund	Management Fees			Expense Limitations
Environmental Services ETF		0.50	%		0.55	%
Gaming ETF		0.50			0.65
Video Gaming and eSports ETF		0.50			0.55

Refer to the Statements of Operations for amounts waived/assumed by the Adviser.

The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Fund	Unitary Management Fee Rate
Biotech ETF		0.35	%
Digital Assets Mining ETF		0.50
Digital Transformation ETF		0.50
Energy Income ETF		0.45
Pharmaceutical ETF		0.35
Retail ETF		0.35
Semiconductor ETF		0.35

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At September 30, 2022, the Adviser owned approximately 40% and 6% of Digital Assets Mining ETF and Digital Transformation ETF, respectively.

Note 4—Capital Share Transactions— As of September 30, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the

benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

Note 5—Investments— For the year ended September 30, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
Biotech ETF	$	117,770,197	$	115,910,926	$	91,487,223	$	85,020,607
Digital Assets Mining ETF		706,226		707,477		3,460,105		—
Digital Transformation ETF		34,177,268		37,624,847		60,880,934		5,879,238
Energy Income ETF		6,846,671		5,977,567		12,633,381		5,671,560
Environmental Services ETF		25,436,239		25,351,788		39,446,166		31,247,394
Gaming ETF		13,717,141		15,096,787		6,255,855		29,966,996
Pharmaceutical ETF		96,846,652		97,219,317		723,680,323		453,956,747
Retail ETF		27,956,120		28,956,593		67,180,685		133,715,378
Semiconductor ETF		1,602,203,808		1,577,395,571		29,465,105,292		27,170,974,049
Video Gaming and eSports ETF		157,880,642		183,378,521		22,574,938		199,204,661

Note 6—Income Taxes— As of September 30, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Biotech ETF	$465,890,957	$29,630,721	$(79,357,568)	$(49,726,847)
Digital Assets Mining ETF	2,601,723	20,314	(1,389,694)	(1,369,380)
Digital Transformation ETF	74,547,058	1,138,566	(37,215,802)	(36,077,236)
Energy Income ETF	29,491,825	4,537,046	(3,417,579)	1,119,467
Environmental Services ETF	73,911,077	3,265,495	(8,083,804)	(4,818,309)
Gaming ETF	90,257,140	1,329,956	(30,991,974)	(29,662,018)
Pharmaceutical ETF	655,694,574	3,483,982	(90,810,507)	(87,326,525)
Retail ETF	180,272,435	6,157,318	(36,067,057)	(29,909,739)
Semiconductor ETF	9,063,740,532	–	(3,434,788,782)	(3,434,788,782)
Video Gaming and eSports ETF	408,528,221	6,767,609	(134,599,268)	(127,831,659)

At September 30, 2022, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:

Fund	Undistributed Ordinary Income		Accumulated Capital Losses/ Undistributed Capital Gains			Post-October Losses Deferred*			Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total Distributable Earnings (Loss)
Biotech ETF		$1,562,401		$(180,137,903	)		$–			$(64,926	)		$(49,726,847)	$	(228,367,275	)
Digital Assets Mining ETF		–		(860,394	)		–			–			(1,369,380)		(2,229,774	)
Digital Transformation ETF		–		(41,881,018	)		(2,778,486	)		–			(36,077,259)		(80,736,763	)
Energy Income ETF		–		(8,774,807	)		–			(1,025,087	)		1,118,760		(8,681,134	)
Environmental Services ETF		188,917		(17,576,482	)		–			(3,066	)		(4,818,309)		(22,208,940	)
Gaming ETF		219,392		(21,575,131	)		–			(7,390	)		(29,732,551)		(51,095,680	)

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Undistributed Ordinary Income		Accumulated Capital Losses/ Undistributed Capital Gains			Post-October Losses Deferred*		Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Loss)
Pharmaceutical ETF		2,145,862		(121,616,361	)		–		(36,035	)		(87,326,525	)		(206,833,059	)
Retail ETF		1,179,229		(17,187,379	)		–		(10,259	)		(29,909,739	)		(45,928,148	)
Semiconductor ETF		49,629,257		(472,843,099	)		–		(97,455	)		(3,434,788,782	)		(3,858,100,079	)
Video Gaming and eSports ETF		2,251,852		(21,971,978	)		–		(8,716	)		(127,843,012	)		(147,571,854	)


*	Post-October losses represent certain ordinary, specified and/or capital losses incurred after October 31, 2021. These losses are deemed to arise on the first day of the fund’s next taxable year.

The tax character of dividends paid to shareholders was as follows:

September 30, 2022

September 30, 2021

Fund

Ordinary
Income*

Long-Term
Capital Gains

Return
of Capital

Ordinary
Income*

Return
of Capital

Biotech ETF

$1,180,281

$–

$1,699,994

$–

Digital Transformation ETF

4,600,120

–

Energy Income ETF

502,535

–

607,866

659,351

850,413

Environmental Services ETF

200,016

–

124,993

–

Gaming ETF

725,005

–

349,965

–

Pharmaceutical ETF

6,817,403

–

4,063,401

–

Retail ETF

1,850,009

–

1,274,964

–

Semiconductor ETF

38,500,125

–

29,249,241

–

Video Gaming and eSports ETF

18,473,600

2,030,440

–

870,225

–


*	Includes short-term capital gains (if any).

At September 30, 2022, the following Funds had capital loss carryforwards available to offset future capital gains:

Fund	Short-Term Capital Losses with No Expiration			Long-Term Capital Losses with No Expiration			Total
Biotech ETF	$	(40,879,490	)	$	(139,258,413	)	$	(180,137,903	)
Digital Assets Mining ETF		(860,394	)		–			(860,394	)
Digital Transformation ETF		(35,520,578	)		(6,360,440	)		(41,881,018	)
Environmental Services ETF		(6,982,916	)		(10,593,566	)		(17,576,482	)
Gaming ETF		(5,343,428	)		(16,231,703	)		(21,575,131	)
Pharmaceutical ETF		(13,037,692	)		(108,578,669	)		(121,616,361	)
Retail ETF		(7,086,711	)		(10,100,668	)		(17,187,379	)
Semiconductor ETF		(431,520,562	)		(41,322,537	)		(472,843,099	)
Video Gaming and eSports ETF		(4,035,116	)		(17,936,862	)		(21,971,978	)

At September 30, 2022, Energy Income ETF had the following capital loss carryforwards available to offset future capital gains:

Year of Expiration		Short-Term Capital Losses			Long-Term Capital Losses		Total Capital Losses
	9/30/2023	$	(6,679,603	)	$	–	$	(6,679,603	)
	9/30/2024		(1,612,600	)		–		(1,612,600	)
	No Expiration		(482,604	)		–		(482,604	)
	Total	$	(8,774,807	)	$	–	$	(8,774,807	)

During the year ended September 30, 2022, $12,847,636 of Energy Income ETF capital loss carryover available from prior years expired un-utilized. Additionally, Energy Income ETF utilized $972,926 of its capital loss carryovers available from prior years.

During the year ended September 30, 2022, as a result of permanent book to tax differences primarily due to the tax treatment of in-kind redemptions, and the accumulated earnings applicable to the redemption of shares, the Funds incurred differences that affected distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

Fund	Increase (Decrease) in Total Distributable Earnings (Loss)			Increase (Decrease) in Aggregate Paid in Capital
Biotech ETF	$	(20,429,718	)	$	20,429,718
Digital Assets Mining ETF		1,713			(1,713	)
Digital Transformation ETF		1,576,918			(1,576,918	)
Energy Income ETF		11,616,559			(11,616,559	)
Environmental Services ETF		(10,447,230	)		10,447,230
Gaming ETF		(4,737,092	)		4,737,092
Pharmaceutical ETF		(48,031,735	)		48,031,735
Retail ETF		(10,160,833	)		10,160,833
Semiconductor ETF		(1,014,075,877	)		1,014,075,877
Video Gaming and eSports ETF		(39,770,133	)		39,770,133

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, certain Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended September 30, 2022, the Funds did not incur any interest or penalties.

Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. In addition, to the extent that a Fund is concentrated in a particular sector or industry, the Fund will be subjected to the risk that economic, political or other conditions that have a negative effect on those sectors and or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.

Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s Investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.

Certain of the Funds’ investments, including investments in companies that hold material amounts of digital assets, may be subject to the risks associated with investing in digital assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that: the technology that facilitates the transfer of a digital asset could fail; the decentralized, open source protocol of the applicable blockchain network could be affected by Internet connectivity disruptions, fraud, consensus failures or cybersecurity attacks; such network may not be adequately maintained by its participants; because digital assets are a new technological innovation with a limited history, they are highly speculative assets and may experience extreme price volatility; future regulatory actions or policies may limit the ability to sell, exchange or use a digital asset; the price of a digital asset may be impacted by the transactions of a small number of holders of such digital asset; and that a digital asset will decline in popularity, acceptance or use, thereby impairing its price.

Under normal circumstances, the Energy Income ETF invests in securities of MLPs, which are subject to certain risks, such as supply and demand risk, depletion and exploration risk, and the risk associated with the hazards inherent in midstream energy industry activities. A portion of the cash flow received by the Fund is derived from investment in equity securities of MLPs. The amount of cash that an MLP has available for distributions and the tax character of such distributions are dependent upon the amount of cash generated by the MLP’s operations.

A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.

Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.

A unitary management fee was adopted on October 1, 2021, for Biotech ETF, Pharmaceutical ETF, Retail ETF, and Semiconductor ETF. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through September 30, 2021. Digital Assets Mining ETF, Digital Transformation ETF and Energy Income ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

For Environmental Services ETF, Gaming ETF, and Video Gaming and eSports ETF, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is

maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral, if any, at September 30, 2022 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of September 30, 2022.

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Biotech ETF	$	4,845,637	$	1,932,533	$	2,974,433	$	4,906,966
Digital Transformation ETF		8,253,281		8,613,586		135,028		8,748,614
Environmental Services ETF		4,660,485		1,158,958		3,748,785		4,907,743
Gaming ETF		3,700,786		393		3,883,394		3,883,787
Pharmaceutical ETF		45,736,922		46,183,116		797,715		46,980,831
Retail ETF		145,889		443		157,774		158,217
Semiconductor ETF		476,476		502,216		–		502,216
Video Gaming and eSports ETF		39,137,060		18,204,917		21,589,172		39,794,089

The following table presents money market fund investments held as collateral by type of security on loan as of September 30, 2022:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Equity Securities
Biotech ETF	$	1,932,533
Digital Transformation ETF		8,613,586
Environmental Services ETF		1,158,958
Gaming ETF		393
Pharmaceutical ETF		46,183,116
Retail ETF		443
Semiconductor ETF		502,216
Video Gaming and eSports ETF		18,204,917


*	Remaining contractual maturity: overnight and continuous

Note 10—Bank Line of Credit— With the exception of Digital Assets Mining ETF, the Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing for the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended September 30, 2022, the following Funds borrowed under this Facility:

Fund	Days Outstanding	Average Daily Loan Balance	Average Interest Rate
Biotech ETF	86	$273,064	2.70	%
Digital Transformation ETF	46	295,561	1.80
Energy Income ETF	157	121,459	2.04
Environmental Services ETF	80	117,638	1.59
Gaming ETF	128	818,944	3.05

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
Pharmaceutical ETF		312		1,087,015		2.07
Retail ETF		131		130,840		2.10
Semiconductor ETF		165		3,594,449		2.47
Video Gaming and eSports ETF		279		1,253,502		2.33

Outstanding loan balances as of September 30, 2022, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—Share Split— The Energy Income ETF executed a 1-for-3 reverse share split for shareholders of record before the open of markets on April 15, 2020.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Funds

VanEck Biotech ETF (1)

VanEck Digital Assets Mining ETF (2)

VanEck Digital Transformation ETF (1)

VanEck Energy Income ETF (1)

VanEck Environmental Services ETF (1)

VanEck Gaming ETF (1)

VanEck Pharmaceutical ETF (1)

VanEck Retail ETF (1)

VanEck Semiconductor ETF (1)

VanEck Video Gaming and eSports ETF (1)

(1) Statement of operations, statement of changes in net assets and financial highlights for the year ended September 30, 2022

(2) Statement of operations, statement of changes in net assets and financial highlights for the period March 8, 2022 (commencement of operations) through September 30, 2022

The financial statements of the Funds as of and for the year or period ended September 30, 2021 and the financial highlights for each of the periods ended on or prior to September 30, 2021 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated November 19, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and transfer agent; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 21, 2022

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below relates to distributions paid during each Fund’s current fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.

Accordingly, the information needed by shareholders for calendar year 2022 income tax purposes will be sent to them in early 2023. Please consult your tax advisor for proper treatment of this information.

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2022:

Fund	Ordinary Income Amount Paid Per Share	Qualified Dividend Income for Individuals*		Dividends Qualifying for the Dividend Received Deduction for Corporations*		Foreign Source Income*		Foreign Taxes Paid Per Share**
Biotech ETF	$0.3972	100.00	%	100.00	%	–	%	$–
Digital Transformation ETF	1.8776	0.25		0.01		–		–
Energy Income ETF	1.0208	100.00		100.00		–		–
Environmental Services ETF	0.3704	100.00		100.00		–		–
Gaming ETF	0.3494	67.01		1.18		33.	02	0.0107
Pharmaceutical ETF	1.0823	99.39		70.09		–		–
Retail ETF	1.5145	100.00		100.00		–		–
Semiconductor ETF	1.5733	100.00		100.00		–		–
Video Gaming and eSports ETF	2.0080	20.04		2.41		18.	98	0.0475

Fund	Qualified Short-Term Capital Gains Per Share***	Long-Term Capital Gain Per Share	Return of Capital Per Share****
Energy Income ETF	$—	$—	$1.2340
Video Gaming and eSports ETF	1.9628	0.2207	—

* Expressed as a percentage of the cash distribution grossed up for foreign taxes.

** The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

*** These amounts represent Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.

**** A return of capital is not considered taxable income to shareholders. Pursuant to IRC Section 301(c), the portion of a distribution which is a dividend (as defined under IRC Section 316) is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead pursuant to Internal Revenue Code Sections 301(c)(2) and 1016(a)(4), should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should multiply the per share amount of each of the respective distributions by the number of shares held at each of the respective record dates.

Please retain this information for your records.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

September 30, 2022 (unaudited)

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Independent Trustees*
David H. Chow, 1957*†	Trustee	Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	68	Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex⁴, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020.
Laurie A. Hesslein, 1959*†	Trustee	Since 2019	Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017).	68	Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020.
R. Alastair Short, 1953*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle).	80	Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds.
Peter J. Sidebottom, 1962*†	Chairman Trustee	Since 2022 Since 2012	Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012.	68	Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016.
Richard D. Stamberger, 1959*†	Trustee	Since 2006	Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020.	80	Director, Food and Friends, Inc., 2013 to present.

Name, Address¹ and Year of Birth	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years
*Interested Trustee*
Jan F. van Eck, 1963⁵	Trustee, Chief Executive Officer and President	Trustee (Since 2006); Chief Executive Officer and President (Since 2009)	Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust.	80	Director, National Committee on US-China Relations.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust.
⁴	The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund.
⁵	“Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC.
*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Officer’s Name, Address¹and Year of Birth	Position(s) Held with the Trust	Term of Office² And Length of Time Served	Principal Occupation(s) During Past Five Years
*Officer Information*
Matthew A. Babinsky, 1983	Assistant Vice President and Assistant Secretary	Since 2016	Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA.
Russell G. Brennan, 1964	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA.
Charles T. Cameron, 1960	Vice President	Since 2006	Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC.
John J. Crimmins, 1957	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC.
Susan Curry, 1966	Assistant Vice President	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc.
Eduardo Escario, 1975	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of VEAC.
F. Michael Gozzillo, 1965	Chief Compliance Officer	Since 2018	Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds.
Laura Hamilton, 1977	Vice President	Since 2019	Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates.

VANECK ETFs

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

Nicholas Jackson, 1974	Assistant Vice President	Since 2018	Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd.
Laura I. Martínez, 1980	Vice President and Assistant Secretary	Vice President (Since 2016); Assistant Secretary (Since 2008)	Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC.
Matthew McKinnon, 1970	Assistant Vice President	Since 2018	Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd.
Lisa A. Moss, 1965	Assistant Vice President and Assistant Secretary	Since 2022	Assistant Vice President of VEAC, VEARA and VESC; Fomerly Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc.
Arian Neiron, 1979	Vice President	Since 2018	CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust.
James Parker, 1969	Assistant Treasurer	Since 2014	Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA.
Adam Phillips, 1970	Vice President	Since 2018	ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC.
Philipp Schlegel, 1974	Vice President	Since 2016	Managing Director of Van Eck Switzerland AG.
Jonathan R. Simon, 1974	Senior Vice President, Secretary and Chief Legal Officer	Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014)	Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC.
Andrew Tilzer, 1972	Assistant Vice President	Since 2021	Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC.

¹	The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017.
²	Officers are elected yearly by the Trustees.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited)

At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Biotech ETF, Digital Assets Mining ETF, Digital Transformation ETF, Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Durable High Dividend ETF (formerly “Morningstar Durable Dividend ETF”), Morningstar ESG Moat ETF, Morningstar Global Wide Moat ETF, Morningstar International Moat ETF, Morningstar Wide Moat ETF, Pharmaceutical ETF, Retail ETF, Semiconductor ETF, Social Sentiment ETF and Video Gaming and eSports ETF (each, a “Fund” and together, the “Funds”).

The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Digital Assets Mining ETF and Morningstar ESG Moat ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, where applicable, (i) (with respect to the VanEck Environmental Services ETF, Gaming ETF, Long/Flat Trend ETF, Morningstar ESG Moat ETF, VanEck Morningstar Global Wide Moat ETF, VanEck Morningstar Wide Moat ETF, Morningstar International Moat ETF and Video Gaming and eSports ETF) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time and (ii) (with respect to all the other Funds) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e.,

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited) (continued)

measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, the VanEck Gaming ETF and Video Gaming and eSports ETF each had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, the VanEck Social Sentiment ETF had management fees above the average and equal to the median of its peer group of funds, and each of the VanEck Morningstar ESG Moat ETF and Morningstar Wide Moat ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Environmental Services ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and above the median of its peer group of funds, the VanEck Long/Flat Trend ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds, each of the VanEck Morningstar Global Wide Moat ETF (after the effect of any applicable expense limitation) and Social Sentiment ETF had a total expense ratio above the average and equal to the median of its respective peer group of funds, and each of the VanEck Gaming ETF, Morningstar ESG Moat ETF, Morningstar International Moat ETF and Morningstar Wide Moat ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.

VanEck Energy Income ETF

The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In reviewing performance information for the Fund against its peer group, the Trustees considered that the Fund seeks to track a different index than the funds in its designated peer group and, therefore, the Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.

The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 6, 2022 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides, under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio. In evaluating the performance of the Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of the Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Fund was satisfactory.

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited) (continued)

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and equal to the median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.

The Trustees also considered the benefits, other than fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.

The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.

In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.

VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF

At a meeting held on June 7, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CLO ETF, VanEck Green Infrastructure ETF, VanEck Muni ETF and VanEck Morningstar SMID Moat ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to VanEck CLO ETF. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are

described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In advance of the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including expense information for other funds. The Adviser and the Sub- Adviser (with respect to the VanEck CLO ETF) provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements, as well as the rationale for retaining a sub-adviser to manage the VanEck CLO ETF’s investments in collateralized loan obligation (“CLO”) securities. The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) would provide under each Agreement, including (i) the Adviser’s agreement to pay all of the direct expenses of each of the VanEck CLO ETF, VanEck Green Infrastructure ETF and VanEck Muni ETF (excluding the fee payment under the respective Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), and (ii) the Adviser’s commitment to waive certain fees and/or pay expenses of the VanEck Morningstar SMID Moat ETF to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed-upon limit for a period of time. With respect to the VanEck CLO ETF, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in CLO securities and the Sub-Adviser’s experience serving as a sub-adviser for other registered investment companies. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser under the Sub-Advisory Agreement.

The Trustees considered the benefits, other than the fees under the Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) or the profitability of the Funds to the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF), although they concluded that the nature, quality and extent of the services to be provided by the Adviser and the Sub-Adviser (with respect to the VanEck CLO ETF) were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust, as well as the information provided by the Sub-Adviser (with respect to the VanEck CLO ETF) about its personnel and operations.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Agreements.

In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Agreements are in the best interest of the Funds and the Funds’ shareholders.

VanEck Gold and Digital Assets Mining ETF

VANECK ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

September 30, 2022 (unaudited) (continued)

Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Gold and Digital Assets Mining ETF (the “Fund”).

In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 6, 2022 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.

The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

Investment Adviser:	VanEck Associates Corporation
Distributor:	VanEck Securities Corporation
	666 Third Avenue, New York, NY 10017
	vaneck.com
Account Assistance:	800.826.2333	THEMATICAR